What the Bond Does
With this investment, the City will:
- Create new affordable homes, especially for growing senior population
- Accelerate the rebuilding of distressed public housing sites for some of the City's most vulnerable residents
- Preserve affordability in existing housing at risk of market-rate conversion or loss due to physical disrepair
- Protect San Franciscans living in apartments at risk of displacement, including those covered by rent control
- Expand rental and homeownership opportunities for the City's middle-income residents and workforce, including educators, first responders, non-profit workers, and service industry employees
- Set a goal for $200M of Bond's funds to serve extremely Low-Income households (30% AMI or less)
The 2019 Bond proposal allocates:
$150M for Public Housing
$220M for Low Income Housing
$60M for Preservation and Middle-Income Housing
$150M for Senior Housing
$20M for Educator Housing
$600M TOTAL
First Issuance
On March 30, 2021, the City competitively sold $254.6 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2021A (the “Bonds”). The Bonds will constitute the first series of bonds to be issued from the aggregate authorized amount of $600 million.
The Bonds are rated AAA/Aaa/AA+ by S&P, Moody’s and Fitch Ratings, respectively. Moody’s and Fitch Ratings maintain a rating outlook of "Stable" on the City's long term debt obligations.
Raymond James & Associates, Inc. was the successful bidder at a true interest cost (TIC) of 2.894%. The final bond maturity is June 15, 2046.
Proposed Uses:
$50,620,000 for Public Housing
$143,700,000 for Low-Income Housing
$37,100,000 for Preservation and Middle-Income Housing
$21,200,000 for Senior Housing
$252,620,000 subtotal, project funds
$505,240 for CSA Audit Fee
$751,338 for Cost of Issuance
$254,585 for Oversight Committee
$450,998 for Underwriter's Discount
$2,839 for Additional Proceeds
$254,585,000 TOTAL
Second Issuance
On April 11, 2023, the City competitively sold $172.0 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2023C (the “Bonds”). The Bonds will constitute the second series of bonds to be issued from the aggregate authorized amount of $600 million.
The Bonds are rated AAA/Aa1/AAA by S&P, Moody’s and Fitch Ratings, respectively. Moody’s and Fitch Ratings maintain a rating outlook of "Stable" on the City's long term debt obligations. The final bond maturity is June 15, 2048.
Proposed Uses:
$97,880,000 for Public Housing
$38,591,653 for Low-Income Housing
$9,400,000 for Preservation and Middle-Income Housing
$20,400,000 for Senior Housing
$166,271,653 subtotal, project funds
$332,543 for CSA Audit Fee
$700,914 for Cost of Issuance
$168,315 for Oversight Committee
$841,575 for Underwriter's Discount
$3,685,000 for General Reserve
$172,000,000 TOTAL
Proposition A General Obligation Bond Documentation
General Obligation Bond Report
Legal Text of Proposition A
Legislative Digest and Controller’s Statement (from Voter Guide)
Housing General Obligation Bond Report December 2021
Housing General Obligation Bond Report June 2022
Housing General Obligation Bond Report December 2022
Housing General Obligation Bond Report June 2023
Housing General Obligation Bond Report December 2023
Housing General Obligation Bond Report June 2024